S. 2490

Real Estate Investment Thrift Savings Act of 2006

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II

109th CONGRESS

2d Session

S. 2490

IN THE SENATE OF THE UNITED STATES

April 3, 2006

Mr. Coleman introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs

A BILL

To amend title 5, United States Code, to provide for a real estate stock index investment option under the Thrift Savings Plan.

1.

Short title

(a)

Short title

This Act may be cited as the Real Estate Investment Thrift Savings Act of 2006.

2.

Real Estate Stock Index Investment Fund

(a)

Definition

Section 8438(a) of title 5, United States Code, is amended—

(1)

in paragraph (9), by striking and at the end;

(2)

in paragraph (10), by striking the period at the end and inserting ; and; and

(3)

by adding at the end the following:

(11)

the term Real Estate Stock Index Investment Fund means the Real Estate Stock Index Investment Fund established under subsection (b)(1)(F).

.

(b)

Establishment

(1)

In general

Section 8438(b)(1) of title 5, United States Code, is amended—

(A)

in subparagraph (D), by striking and at the end;

(B)

in subparagraph (E), by striking the period at the end and inserting ; and; and

(C)

by adding at the end the following:

(F)

a Real Estate Stock Index Investment Fund as provided in paragraph (5).

.

(2)

Fund requirements

Section 8438(b) of title 5, United States Code, is amended by adding at the end the following:

(5)
(A)

The Board shall select an index which is a commonly recognized index comprised of common stock the aggregate market value of which is a reasonably complete representation of the United States real estate equity markets.

(B)

The Real Estate Stock Index Investment Fund shall be invested in a portfolio designed to replicate the performance of the index selected under subparagraph (A). The portfolio shall be designed such that, to the extent practicable, the percentage of the Real Estate Stock Index Investment Fund that is invested in each stock is the same as the percentage determined by dividing the aggregate market value of all shares of that stock by the aggregate market value of all shares of all stocks included in such index.

.

(c)

Acknowledgment of risk

Section 8439(d) of title 5, United States Code, is amended—

(1)

by striking or the Small Capitalization Stock Index Investment Fund, and inserting the Small Capitalization Stock Index Investment Fund, or the Real Estate Stock Index Investment Fund,; and

(2)

by striking and (10), and inserting (10), and (11),.